Cost Audit Management Audit

Management audit is the appraisal of managerial performance. It is a comprehensive and critical review of all aspects of the management. It ensures that every stage of planning and operation, the accounting records, procedure and information are not only in accordance with the accepted basic principles but also state the trends and facts correctly and faithfully. It concerns itself primarily with the results and with the ratios of inputs and outputs. It measures in quantitative terms the various inputs that a manager uses in terms of manhours, wages, materials, overheads or capital resources. The outputs are measured in terms of quantity, return or performance targets.

Management audit is generally considered synonymous with the term “operational audit”. Its meaning and scope has been defined by Federal Financial Officers Institute, Canada in the following words:

“A systematic independent appraisal activity within an organisation for a review of the entire departmental operations as a service to management. The overall objective of the operational auditing is to assist all levels of management in the effective discharge of their responsibilities by furnishing them with objective analysis, appraisals, recommendations and pertinent comments concerning the activities reviewed.”

In brief, management audit is concerned with ascertaining whether affairs of management are conducted efficiently or not. It thus takes cost audit also in its fold.

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